USD/CAD Forecast
Yesterday, USDCAD saw a bullish daily candle, reaching as high as 1.3960. However, as the price hit an overbought condition, it has since pulled back, currently trading at the 1.3880 level. In the 4-hour timeframe, the price is now close to the 50 EMA and remains well above the 200 EMA, indicating sustained upward momentum.
Short-Term Support and Resistance Levels:
Support Levels: 1.3875 and 1.3830
Resistance Levels: 1.3925 and 1.3970
Forecast: USDCAD may continue its uptrend and could test the next resistance levels at 1.3925 and, potentially, 1.3970. However, if the price drops below 1.3855, we might see a further decline towards the 1.3830 support.
Given the current setup, a buy position on USDCAD is favorable at this point.